Eurozone Crisis meeting in Paris

While various strikes hit Greece, including now rubbish collection, the G20 ministers are gathering in Paris to work out the solution to the Greek debt and other related problems.

The word " default" is a dirty word but it is looks unlikely that buyers of Greek bonds are going to get all their money back at maturity. The amount of the loss, known as a "haircut" could be 21% or higher. The recapitalisation of Banks that may be at risk because of the haircut and exposure to troubled eurozone countries, will also be very high up on the G20 "to do" list.

Markets in general have been more positive in the past week in anticipation of a solution but will always be close to a major sell off until Greece has been dealt with satisfactorily.